In this week's episode of WSJ’s Take On the Week, co-hosts Miriam Gottfried and Telis Demos preview the upcoming Jackson Hole Economic Policy Symposium—one of the longest-standing central banking conferences in the world. They are joined by Columbia Business School professor and former Federal Reserve Governor Frederic Mishkin, as well as the Journal’s Chief Economics Correspondent Nick Timiraos, to break down Fed Chair Kevin Warsh’s major move away from explicit forward guidance. Together, they discuss why Wall Street is reacting with a "mini inflation scare" and rising long-bond yields, whether Warsh’s less-is-more communication strategy could undermine Fed credibility, and how his approach compares to Alan Greenspan’s legendary tenure. Plus, they examine what central bankers and investors need to watch for as Warsh prepares for his high-stakes speech in Wyoming. Chapters: 00:35 – Welcome and why Jackson Hole matters 03:35 – How Warsh communicates differently from Yellen and Powell 06:00 – Transparency and the reaction function 08:28 – The Greenspan era and why institutions matter 09:44 – Warsh's task forces and Trump criticism 13:59 – The Fed vs. Inflation 15:34 – Greenspan, the 1997 target debate 20:53 – Flexible inflation targeting 23:40 – What to expect from Warsh's Jackson Hole speech 26:40 – The AI productivity debate 29:24 – Long-term bonds, the balance sheet, and Warsh’s first test 31:00 – Is Warsh the right chair for this era? This is WSJ’s Take On the Week where co-hosts Telis Demos, writer for WSJ’s Heard on the Street, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. 🎧 Prefer just the audio version? Subscribe and listen on Apple Podcasts, Spotify, Amazon Music, or wherever you get your podcasts: https://on.wsj.com/3LBGo5Q?mod=WSJ_TOTWPOD #WSJ #Federal Reserve #Kevin Warsh